According to a Bloomberg report, Malta's prime minister Joseph Muscat is fully supporting the country’s huge bet on Blockchain, being himself an ardent proponent of the nascent industry. He doesn’t deny that there a risk involved, but at the same time he claims that Blockchain is helping to diversify the country’s economy, which mainly relies on tourism and gaming, and even curb corruption.
Malta, which is commonly dubbed a “Blockchain island”, has recently drastically lowered its tax rates in order to incentivize crypto businesses. As of now, the smallest economy in the EU is considered one of the world’s biggest crypto hubs.
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